During the year, Wright Company sells 500 remote control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Date January 1 May 5 Transaction Units Cost Total Cost Beginning inventory Purchase 40 $68 $2,720 270 71 19,170 November 3 Purchase 220 76 16,720 530 $38,610 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. Cost of Goods Available for Sale Cost of Goods Sold LIFO Number Cost per of units unit Cost of Goods Available for Sale Number of units Cost per Cost of Goods unit Sold Number of units Ending Inventory Cost per unit Ending Inventory Beginning Inventory 40 $ 68 S 2,720 $ 0 Purchases May 5 270 $ 71 19,170 0 November 31 220 $ 76 16,720 0 Total 530 $ 38,610 0 $ 0 0 $ 0